Included in This Report:

Freshmen At College of St Joseph Take Out an Average of $6,652 in Loans in Their First Year

At College of St Joseph, 95.0% of
incoming students take out a loan to help defray freshman year costs, averaging
$6,652 a piece.
This amount includes both private and federally-funded student loans.

The average federal loan is
$5,818, which is
105.8%
of the first-year borrowing cap of $5,500* for the typical first-year dependent student.

*Independent students and those with parents who do not qualify for PLUS loans have higher borrowing caps.

Be Aware of What Isn't Shown

Unlike the data shown for freshmen, average undergraduate student loan amounts do not include private loans.
In addition to unreported parent loans, this can increase the average amount borrowed significantly.

The Average Loan Amount for All Undergrads at College of St Joseph is $6,940 Per Year.

83.0% of all undergraduate students
(including freshmen) at
College of St Joseph utilize federal student loans to help pay for their college education,
averaging $6,940 per year.
This amount is
19.3% higher than the
$5,818 amount borrowed by freshmen.
The fact that returning students borrow more than freshmen could indicate that the school front-loads financial aid packages,
offering more aid to new students while expecting returning students to take on larger loans to continue their education.

Borrowing the average amount will result in loans of
$13,880 after two years and
$27,760 after four.

These numbers are based on borrowing the same amount each year and do not include any loans where the parent is the borrower,
even though Parent PLUS loans are frequently included in financial aid packages.

Were you surprised by how much you are projected to owe by the time you graduate? Remember this is an average: some students will borrow more than this.

The Default Rate on Student Loans is Increasing

Loan default rates can indicate how well College of St Joseph is helping students afford to attend college
without undue reliance on loans, particularly unsubsidized loans. It can also indicate future earnings and career potential.
Pay close attention to this statistic. You don't want to take out loans you can't pay back.

A total of
153 College of St Joseph
students entered loan repayment in 2013.
After three years, 9.8% of these students
(15 out of
153) defaulted on their loans.
The lower the default rate, the better!

The chart below compares this college to the average 3-year default rate calculated across all of the 4-year schools we have data for.

What does the default rate mean?

A student is considered to be in default on a student loan if they have not made a payment in more than 270 days.
The official student loan default rate for a school is calculated by measuring how many students are in default three
years after graduation. Note that the default rate only takes into account federal loans, not private.

When compared to the average three-year default rate of 7.4%,
the default rate at College of St Joseph
is poor. This could indicate that students attending College of St Joseph are relying heavily
on student loans, including unsubsidized student loans.

Review financial aid offers carefully and be honest with yourself about whether you can truly afford this college. If you will need to utilize loans each year, be sure to calculate the total amount borrowed after four to five years, and an estimated monthly payment. If your loan includes an unsubsidized amount, can you afford to make the interest payments while you are attending college? If not, be sure to add that to the total.

Asking the tough questions now can help prevent you from starting your future with a large amount of debt that you cannot reasonably afford.

Did You Know?

Declaring bankruptcy does not remove student loan debt owed to the Federal government.
They can garnish part of your income if you do not pay back your loans.

Subsidized vs. Unsubsidized Loans

What's the difference? Unsubsidized student loans accrue interest each month, even while you are in college.
Unless you pay that interest each month, what you owe after graduation might surprise you.